6 ms·

> "I wish HN was a bit more friendly to crypto specially to Ethereum which has switched to a more ecologically friendly model" "Why are you so upset now that y

by pavlov 4y ago

> "I wish HN was a bit more friendly to crypto specially to Ethereum which has switched to a more ecologically friendly model" "Why are you so upset now that you found out I'm stealing grandma's savings? Don't you know I stopped beating my wife already. Also I'm doing much less meth these days. A man don't get no respect around here." -- crypto, the deadbeat cousin of actual tech.

concordDance 4y ago
How exactly is eth stealing anything from anyone?
- pavlov 4y ago
  It's primarily a Ponzi Construction Kit.
  - alangibson 4y ago
    Best description of eth I've read
  - Karunamon 4y ago
    Source?
    - _heimdall 4y ago
      https://www.coindesk.com/learn/minting-your-first-nft-a-beginners-guide-to-creating-an-nft/ https://www.coindesk.com/learn/minting-your-first-nft-a-begi...
      - Karunamon 4y ago
        Interesting! An artist creating, minting, and selling an NFT is a pretty solid point against the accusation made. A Ponzi scheme has a specific definition. Despite what HN seems to think, it is not shorthand for "crypto thing I don't like/understand".
        bradjohnson 4y ago
        Citation needed on the "selling" part.
        _heimdall 4y ago
        https://www.merriam-webster.com/dictionary/Ponzi%20scheme https://www.merriam-webster.com/dictionary/Ponzi%20scheme Here's the common definition of a Ponzi scheme. While people can debate whether any specific coin or nft built on etherium is a Ponzi scheme, it'd be hard to argue that there aren't plenty of examples. Etherium makes it easy to spin up a new "coin" or token, the article is a prime example.
        cableshaft 4y ago
        Exactly, this list of Ponzi Scheme red flags is from Investor.gov[1]. While certain aspects of the crypto ecosystem may fall under these red flags, most don't, or don't apply to the coins/blockchains themselves. > Many Ponzi schemes share common characteristics. Look for these warning signs: > High returns with little or no risk. Some new shit coins and many NFT projects absolutely make these bullshit claims, but it's well, well known that there's risk by speculating in crypto at this point. We've all seen multiple 80% drops in bitcoin's price (or you can with a simple look at the 5-10 year chart). It's no secret. People speculate in it anyway for other reasons. > Overly consistent returns. Investments tend to go up and down over time. Be skeptical about an investment that regularly generates positive returns regardless of overall market conditions. Except for maybe stablecoins (which we found out this past year aren't exactly stable), no crypto coin can claim to have consistent returns. > Unregistered investments. Ponzi schemes typically involve investments that are not registered with the SEC or with state regulators. This part is true for many crypto coins, and the SEC is going after them now. Bitcoin itself seems to be immune to this by having no centralized component to it, which is unlike most other coins. > Unlicensed sellers. Federal and state securities laws require investment professionals and firms to be licensed or registered. Most exchanges are either licensed and registered if they operate in the US, hence their KYC measures. > Secretive, complex strategies. Yeah, some algorithmic stablecoins are like this (at least the complex part), and you've seen most of them collapse at this point. The rest are pretty simple coins for the most part, and many of them have completely open source code, so there's nothing secretive about it at all. > Issues with paperwork. Account statement errors may be a sign that funds are not being invested as promised. You can't really have an account statement error on the blockchain outside of a 51% attack (which is arguably not an error, just creating a new consensus), although some of the companies that have sprung up around it add obfuscation that can lead to possible account errors. Banks can have account errors as well, though. > Difficulty receiving payments. Be suspicious if you don’t receive a payment or have difficulty cashing out. This one can happen at exchanges, but the blockchains themselves still work and you can transfer with others directly, assuming you have taken your crypto off of exchanges ("Not your keys, not your crypto" as the saying goes). [1]: https://www.investor.gov/protect-your-investments/fraud/types-fraud/ponzi-scheme https://www.investor.gov/protect-your-investments/fraud/type...
  - nibbleshifter 4y ago
    According to you.

by pavlov 4y ago

concordDance 4y ago

How exactly is eth stealing anything from anyone?

pavlov 4y ago
It's primarily a Ponzi Construction Kit.
- alangibson 4y ago
  Best description of eth I've read
- Karunamon 4y ago
  Source?
  - _heimdall 4y ago
    https://www.coindesk.com/learn/minting-your-first-nft-a-beginners-guide-to-creating-an-nft/ https://www.coindesk.com/learn/minting-your-first-nft-a-begi...
    - Karunamon 4y ago
      Interesting! An artist creating, minting, and selling an NFT is a pretty solid point against the accusation made. A Ponzi scheme has a specific definition. Despite what HN seems to think, it is not shorthand for "crypto thing I don't like/understand".
      - bradjohnson 4y ago
        Citation needed on the "selling" part.
      - _heimdall 4y ago
        https://www.merriam-webster.com/dictionary/Ponzi%20scheme https://www.merriam-webster.com/dictionary/Ponzi%20scheme Here's the common definition of a Ponzi scheme. While people can debate whether any specific coin or nft built on etherium is a Ponzi scheme, it'd be hard to argue that there aren't plenty of examples. Etherium makes it easy to spin up a new "coin" or token, the article is a prime example.
      - cableshaft 4y ago
        Exactly, this list of Ponzi Scheme red flags is from Investor.gov[1]. While certain aspects of the crypto ecosystem may fall under these red flags, most don't, or don't apply to the coins/blockchains themselves. > Many Ponzi schemes share common characteristics. Look for these warning signs: > High returns with little or no risk. Some new shit coins and many NFT projects absolutely make these bullshit claims, but it's well, well known that there's risk by speculating in crypto at this point. We've all seen multiple 80% drops in bitcoin's price (or you can with a simple look at the 5-10 year chart). It's no secret. People speculate in it anyway for other reasons. > Overly consistent returns. Investments tend to go up and down over time. Be skeptical about an investment that regularly generates positive returns regardless of overall market conditions. Except for maybe stablecoins (which we found out this past year aren't exactly stable), no crypto coin can claim to have consistent returns. > Unregistered investments. Ponzi schemes typically involve investments that are not registered with the SEC or with state regulators. This part is true for many crypto coins, and the SEC is going after them now. Bitcoin itself seems to be immune to this by having no centralized component to it, which is unlike most other coins. > Unlicensed sellers. Federal and state securities laws require investment professionals and firms to be licensed or registered. Most exchanges are either licensed and registered if they operate in the US, hence their KYC measures. > Secretive, complex strategies. Yeah, some algorithmic stablecoins are like this (at least the complex part), and you've seen most of them collapse at this point. The rest are pretty simple coins for the most part, and many of them have completely open source code, so there's nothing secretive about it at all. > Issues with paperwork. Account statement errors may be a sign that funds are not being invested as promised. You can't really have an account statement error on the blockchain outside of a 51% attack (which is arguably not an error, just creating a new consensus), although some of the companies that have sprung up around it add obfuscation that can lead to possible account errors. Banks can have account errors as well, though. > Difficulty receiving payments. Be suspicious if you don’t receive a payment or have difficulty cashing out. This one can happen at exchanges, but the blockchains themselves still work and you can transfer with others directly, assuming you have taken your crypto off of exchanges ("Not your keys, not your crypto" as the saying goes). [1]: https://www.investor.gov/protect-your-investments/fraud/types-fraud/ponzi-scheme https://www.investor.gov/protect-your-investments/fraud/type...
- nibbleshifter 4y ago
  According to you.